Your proudest accomplishment free essay sample

It was a cool July afternoon as I raced down the steep slope of my driveway, my bare feet collecting tiny, loose asphalt rocks. I reached tentatively into the paint-faded mailbox and grasped the manila envelope. I decided to open it like a Band-Aid, to rip it and get it over with quickly and as painlessly as possible. Relief flooded through my body as I let out a whoop of pure joy as my eyes scanned over the carefully printed scores. I sprinted to the house where I proudly shoved the results in my mother’s face. I had earned a three on my AP English test, a score I so desperately needed.You see, test-taking has always been my struggle. At a young age I have what my mother likes to call â€Å"Severe Test Anxiety.† In the middle of an exam, I second-guess most of my answers even the ones I know are correct. We will write a custom essay sample on Your proudest accomplishment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page All of my teachers tell me the statistics for leaving the first answer, but I always forget their words and bubble in a different option. The test anxiety reach a pinnacle last spring when my mom decided to give me an ultimatum: Get a three on my AP English test, or she wouldn’t pay for me to major in Communications and Journalism. In hindsight, it sounded a little overbearing, but at the time my heart nearly stopped. What I loved most was learning new styles of writing, analyzing poetry, and creating new pieces that showed off my own style. How could an English lover like me feel nervous about this test? However, one fact was still the same; I dreaded testing.When I told my AP English teacher of my dilemma she immediately started working with me and showing me how I could respond to the time constraints on test day. She’d give me practice tests and time me to see how long it would take me to complete certain sections. She would then show me where to focus my efforts. When test day came around, my teacher cheered all her students on before they closed the doors. She gave us all personal letters, my own said, â€Å"Have a blast doing what you love-writing! Let this be a celebration of your talent.†On that brisk July afternoon, I held more than just a score in my hands, I held pride and accomplishment. I had managed to work through something that had plagued me my entire life. This test challenged me to do what I feared most, prove myself. It was the most important test I had faced in my life, and if I could overcome that, I could overcome other challenges in life as well.

DIvidend Policies and Financing Essays

DIvidend Policies and Financing Essays DIvidend Policies and Financing Essay DIvidend Policies and Financing Essay Dividend policy refers to the decision made by the company whether to retain the profits within the company, or they pay out the profits to the owners of the organization in the form of dividends (Garrison 2008). Once the company decides on whether to pay dividends, they may establish a somewhat permanent dividend policy, which may in turn impact on investors and perceptions of the company in the financial markets (Garrison 2008). What they decide depends on the situation of the company now and in the future. It also depends on the preferences of investors and potential investors (Garrison 2008).When deciding on the dividend policy, several factors such as legal constraints, contractual constraints, internal constraints, growth prospect, owners considerations and market considerations have to be taken into account. Considerations taken into account can be incorporated in several dividend theories such as the residual theory of dividends, the clientele theory, the signalling dividend theory, the bird-in-the-hand theory and Modigliani and miller dividend theory.Manufacturing overseas can reduce costs due to its cheap labour costs but there are other considerations that have to be taken into account. There are pros and cons for manufacturing at overseas.Companys capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities (http://en.wikipedia.org/wiki/Capital_structure). Debt financing and equity financing has their own advantages and disadvantages but certain factors have to be considered when choosing between these two financing strategies.2.0 Factors Affecting the Dividend PolicyWhen deciding on the dividend policy, several factors need to be taken into account. The factors needed to taken into account are as follows (sources taken fromhttp://freemba.in/articlesread.php?artcode=488substcode=30stcode=10):Stability of EarningsThe nature of business has an important bea ring on the dividend policy. Industrial units having stability of earnings may formulate a more consistent dividend policy than those having an uneven flow of incomes because they can predict easily their savings and earnings. Usually, enterprises dealing in necessities suffer less from oscillating earnings than those dealing in luxuries or fancy goods.Age of CorporationAge of the corporation counts much in deciding the dividend policy. A newly established company may require much of its earnings for expansion and plant improvement and may adopt a rigid dividend policy while, on the other hand, an older company can formulate a clear cut and more consistent policy regarding dividend.Liquidity of FundsAvailability of cash and sound financial position is also an important factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and the liquidity of the firm the better the ability to pay dividend. The liquidity of a firm depends very much on the investme nt and financial decisions of the firm which in turn determines the rate of expansion and the manner of financing. If cash position is weak, stock dividend will be distributed and if cash position is good, company can distribute the cash dividend.Extent of Share DistributionNature of ownership also affects the dividend decisions. A closely held company is likely to get the assent of the shareholders for the suspension of dividend or for following a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group would face a great difficulty in securing such assent because they will emphasize to distribute higher dividend.Needs for Additional CapitalCompanies retain a part of their profits for strengthening their financial position. The income may be conserved for meeting the increased requirements of working capital or of future expansion. Small companies usually find difficulties in raising fi nance for their needs of increased working capital for expansion programs. They having no other alternative, use their ploughed back profits. Thus, such Companies distribute dividend at low rates and retain a big part of profits.Trades CycleBusiness cycles also exercise influence upon dividend Policy. Dividend policy is adjusted according to the business oscillations. During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. Higher rates of dividend can be used as a tool for marketing the securities in an otherwise depressed market. The financial solvency can be proved and maintained by the companies in dull years if the adequate reserves have been built up.Government PoliciesThe earnings capacity of the enterprise is widely affected by the change in fiscal, industrial, labor, control and other government policies. Sometimes government restricts the distribution of dividend beyond a certain percentage in a particular industry o r in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises.Need for FundsDividends paid to stockholders use funds that the firm could otherwise invest. Therefore, a company running short of cash or with ample capital investment opportunities may decide to pay little of no dividends. Alternatively, there may be an abundance of cash or a dearth of good capital budgeting projects available. This could lead to very large dividend payments.Management Expectations and Dividend PolicyIf a firms managers perceive the future as relatively bright, on the one hand, they may begin paying large dividends in anticipation of being able to keep them up during the good times ahead. On the other hand, if managers believe that bad times are coming, they may decide to build up the firms reserves for safety instead of paying dividends.Stockholders PreferencesReinvesting earning internally, instead of paying divide nds, would lead to higher stock prices and a greater percentage of the total return common stockholders receive coming from capital gains. Capital gains are profits earned by an investor when the price of a capital asset, such as common stock, increases.Common stockholders may prefer to receive their return from the company in the form of capital gains and some may prefer to receive their return from the company in the form of dividends. Capital gains are not taxed at all unless they are realized. That is, unless the stock is sold. The board of directors should consider stockholder preferences when establishing the firms dividend policy.Restriction on Dividend PaymentsA firm may have dividend payment restrictions in its existing bond indentures or loan agreements. For example, a companys loan contract with a bank may specify that the companys current ratio cannot drop below 2.0 during the life of the loan. Because payment of a cash dividend draws down the companys cash account, the current ratio may fall below the minimum level required. In such a case, the size of a dividend may have to be cut or omitted. In addition, many states prohibit dividend payments if they would create negative retained earnings on the balance sheet. This restriction is a prohibition against raiding the initial capital. Figure 1 summarizes the factors that influence the dividend decision.Figure 1: This figure identifies key elements that make a dividend payment more or less likely.2.1 Leading Dividend TheoriesThe factors that affect the dividend policy can be incorporated in several dividend theories. Dividend theories can be divided into dividend relevance theory and dividend irrelevance theory. Dividend relevance theory refers to the value of a firm is affected by its dividend policy while dividend irrelevance theory refers to a firms dividend policy has no effect on either its value or its cost of capital (studyfinance.com/lessons/dividends/index.mv?page=01).2.1.1 Dividend Relevanc e TheoriesAccording to Gallagher Andrew (2007) dividend relevance theories are as follows:The Clientele Dividend TheoryThe clientele dividend theory is based on the view tat investors are attracted to a particular company in part because of its dividend policy. For example, young investors just starting out may want their portfolios to grow in value from capital gains rather than from dividends, so they seek out companies that retain earnings instead of paying dividends. Stock prices tend to increase as earnings are retained and the resulting capital gain is not taxed until the stock is sold.Older investors, in contrast, may want to live off the income their portfolios provide. They would ten to seek out companies that pay high dividends rather than reinvesting for growth. According to the clientele dividend theory, each company therefore has its own clientele of investors who hold the stock in part because of its dividend policy.If the clientele theory is valid, then it doesnt muc h matter what a companys dividend policy is as long as it has one and sticks to it. If the policy is changed, the clientele that liked the old policy will probably sell their stock. A new clientele will buy the stock based on the firms new policy. When a dividend policy change is contemplated, managers must ask whether the effect of the new clienteles buying will outweigh the effects of the old clienteles selling. The new clientele cannot be sure that the most recent dividend policy implemented will be repeated in the future.The Signaling Dividend TheoryThe signaling dividend theory is based on the premise that the management of a company knows more about the future financial prospects of the firm than do the stockholders. According to this theory, if a company declares a dividend larger than that anticipated by the market, this will be interpreted as a signal that the future financial prospects of the firm are brighter than expected. Investors presume that management would not have raised the dividend if it did not think that this higher dividend could be maintained. As a result of this inferred signal of good times ahead, investors buy more stock, causing a jump in the stock price.Conversely, if a company cuts it dividend, the market takes this as a signal that management expects poor earnings and does not believe that the current dividend can be maintained. In other words, a dividend cut signals bad times ahead for the business. The market price of the stock drops when the firm announces a lower dividend because investors sell their stock in anticipation of future financial trouble for the firm. If a firms managers believe in the signaling theory, they will always be wary of the message their dividend decision may send to investors. Even if the firm has some attractive investment opportunities that could be financed with retained earnings, management may seek alternative financing to avoid cutting the dividend that may send an unfavorable signal to the mark et.The Bird-in-the-Hand TheoryThe bird-in-the-hand theory claims that stockholders prefer to receive dividends instead of having earnings reinvested in the firm on their behalf. Although stockholders should expect to receive benefits in the form of higher future stock prices when earnings are retained and reinvested in their company, there is uncertainty about whether the benefits will actually be realized. However, if the stockholders were to receive the earnings now, in the form of dividends, they could invest them now in whatever they desired. In other words, a bird in the hand is worth two in the bush.If the bird-in-the-hand theory is correct then the stocks of companies that pay relatively high dividends will be more popular and therefore will have relatively higher stock prices than stocks of companies that reinvest their earnings.2.1.2 Dividend Irrelevance TheoriesDividend irrelevance theories are as follows (Gallagher ; Andrew 2007):The Residual Theory of DividendsThe residu al theory of dividend is widely known. The theory hypothesize the amount of dividends should not be the focus of the company. Instead, the primary issue should be to determine the amount of earning the firm should retain within the firm for investment. The amount of earnings retained, according to this view, depends on the number and size of acceptable capital budgeting projects and the amount of earnings available to finance the equity portion of the funds needed to pay for these projects. Any earnings left after these projects have been funded are paid out in dividends because dividends arise from residual or leftover earnings, the theory is called the residual theory.The residual theory focuses on the optimal use of earnings generated from the perspective of the firm itself. This may appeal to some, but ignores stockholders preferences about the regularity of and the amount of dividend payments. If a firm follows the residual theory, when earnings are large and the acceptable cap ital budgeting projects small and few, dividends will be large. Conversely, when earnings are small and many large acceptable projects are waiting to be financed, there may be no dividends if the residual theory is applied. The dividend payments will be erratic and the amounts will be unpredictable.Modigliani and Millers Dividend TheoryFranco Modigliani and Merton miller (commonly referred as M;M) theorized in 1961 that dividend policy is irrelevant. Given some simplifying assumptions, M;M showed how the value of a company is determined by the income produced from its assets, not by its dividend policy. According to the M;M dividend theory, the way a firms income is distributed (in the form of future capital gains or current dividends) doesnt affect the overall value of the firm. Stockholders are indifferent as to whether they receive their return on their investment in the firms stock from capital gains or dividends so dividends dont matter.2.2 Advantages and Disadvantages of Overs eas ManufacturingManufacturing at overseas certainly saves cost of production in some degree due to cheap labor and material cost but it has its advantages and disadvantages for overseas manufacturing.2.2.1 Advantages of Overseas ManufacturingEase and Speed of Distribution: Manufacturing in overseas shortening the distance between the original location of manufacturer and its distribution market (if the manufacturer has its markets around the region of the considered location). For example, when Nike manufacturer from United States manufactures in Malaysia, they have greater ease and speed of transportation for goods and people to other Asian markets. Besides that, transportation and shipping cost may be reduced due to a shorter distance for shipping and distribution.Cost Savings: In less-developed countries, labor cost is cheaper than developing and developed countries. It is estimated that a company that manufactures in less-developed country can cut costs by between 30% and 80% d epending on how labor intensive the product is. Besides that, material cost is also cheaper compared to developed countries too.Gain in Efficiencies and Economies of Scale: Besides that, in the long run, manufacturing overseas can gain efficiencies and economies of scale which will assist in reducing unit cost as output increases. Moreover, the initial investment of capital may be spread over an increasing number of units of output and therefore the marginal cost of producing a good or services decreases as production increases.Low Capital Costs: Low capital cost is one of the advantages that encourages manufacturing overseas. The cost of capital in developing or developed countries is higher than the cost of capital in less-developed countries.Incentives for Manufacturing: Some of the less developed countries encourage overseas manufacturers to invest or manufacture in their country. In order to attract manufacturers, these less-developed countries do offer incentives for the manuf acturers. For example, Penang has offered incentive to Motorola from USA in order to attract them to manufacture at Penang.2.2.2 Disadvantages of Overseas ManufacturingQuality of Production Suffers: Cheap labor is an advantage for cost savings. Inversely, it reduces the quality of the products as cheap labors usually produce less quality productions. Therefore, the products will suffer in quality as most of the cheap labors are unskilled or semi-skilled. Indirectly, the manufacturer may lose its customers due to the production of less quality products.Time Consuming: When an organization wants to manufacture in overseas, the organization has to analyze and comprehend the considered location and also the facilities available around the setting up area. The analysis and comprehension takes considerable time to complete in order to have a perfect set up in overseas. Therefore it spends considerable time and energy to understand the considered location (Sweeney N.D.).Complexity: To oper ate oversea is not as easy as locally. Most of the manufacturers have adapted to their own manufacturing culture and therefore adapting to another manufacturing environment would be difficult for them to familiarize with it. First of all, language may be a barrier, for example, it is difficult to communicate with the South Americans labors if we are not familiar with Latin (Sweeney N.D.). Besides that, finance, tax, and labor laws will be different and must be understood (Sweeney N.D.). Sweeney (N.D.) stated that, understanding national cultures and subcultures are important for any activity as manufacturers have to deal with government and private sector people and especially selling into the market.Brand Risks: Nowadays, consumers are perceived where the product is made from. The production location is a factor that will affect the brand image and reputation. For example, consumers would prefer a product made in USA rather than made in China. If the manufacturer produces in Bangla desh it may more or less affect their images as some of the consumers believe that products from developed countries are much better than less-developed countries and therefore the image and reputation of the brand may suffer.Availability of Expertise: The availability of expertise is one of the factors that should be considered when organization seeks to manufacture overseas. Less developed countries may not provide the expertise in the fields required.Long Start Up Time: It is not easy for manufacturer to start up their manufacturing process. To manufacture in a smooth way requires time. It usually requires a considerable of long time start up and familiarize.3.0 Debt ; Equity Financing3.1 Equity FinancingEquity financing is a method to acquire capital that involves selling a partial interest in the company to investors (Brian 1990). In return of the money paid, shareholders receive ownership interests in the corporation (Brian 1990).3.1.1 Pros and Cons of Equity Financing3.1.2 Pr os of Equity FinancingThe advantages of equity finance are:Commitment of Funds: The funding is committed to the business and intended projects. Investors only realize their investment if the business is doing well (eg. through flotation or a sale to new investors).Vested Interest: Investors have the same interest that is to keep the business going on well and generate maximum profits which leads to an increase in the value of the business.Follow-up Funding: When business grows, investors are often prepared to provide follow-up funding.(Source of reference:businesslink.gov.uk/bdotg/action/detail?type=RESOURCES;itemId=1073789573)Wider Pool of Finance: When company is listed in stock exchanged, the company has the access to wider pool of finance.Quality Products: The owners will pay proper attention for improving the quality of products. The reason is the appropriate of quality product goes to them.No Interest Cost: No payment of interest for the funds provided by the shareholders. The cost of production remains low as there is no burden of interest.Earning Remains with the Firm: When funds provided by shareholders for improvement in the business are making profits, the earnings are remained with the owners. Earnings are not shared by the creditors.To Tide over Emergencies: Firm is in a better position to tide over recession period and other emergencies due to no burden of rate of interest.Ability to borrow: Borrowing ability is improved if the equity capital is financed well.(Source of Reference: blurtit.com/q303144.html)Sources of Skills and Experiences: Good investors can bring resources for the business. They can help one to get skilled people, right contacts to build the business. They might also help out with their own experience in the formation of the strategy or with decision making.No Obligation for Repayment: No obligation for the repayment of the finances in the initial phase of the business when the cash flow is quite slow. Whereas, in bank loans the re are severe obligations and penalties in case a business fails to generate monthly interests and make the monthly payments to the bank.(Sources of Reference:freewarefiles.com/techfi/Advantages_of_Equity_Financing.html)Pledge No Assets: Corporation does not have to pledge their assets as collateral to obtain equity investments.Availability of Cash: Business will have more cash available due to no debt payments have to be made.(Source of reference:http://forums.forbes.com/forbes/board/message?board.id=entreforum;message.id=399)3.1.3 Cons of Equity FinancingThe disadvantages of equity finance are:Costly and Time Consuming: Raising equity finance is costly and time-consuming. Business may suffer as times are devoted to the deal. Potential investors will seek background information on owner and his business and they will closely scrutinize past results and forecasts and will delve the management team.Interference in Management: The equity investors can interfere in the management of th e company and in addition they also have the voting rights which could influent the making of major decisions.Extra Effort to Provide Information: Founder will have to invest management time to provide regular information for the investor to monitor the situation of the business.Share Dilution: Founders share in the business will be diluted which means lessen in strength. Besides that, businesss profits will be shared by other equity investors.Legal and Regulatory Compliance: There can be legal and regulatory issues to comply with when raising finance (eg. when promoting investments).(Source of Reference;businesslink.gov.uk/bdotg/action/detail?type=RESOURCES;itemId=1073789573)Limitation of Control: Founders must give up some control of the business. If investors have different perceptions and ideas about the companys strategic direction or day-to-day operations, they can pose problems for the entrepreneur.(Source of Reference: answers.com/equity+Financing?cat=biz-fin)No Tax Deductio n: Dividend payments are not tax deductible.(Source of Reference:http://forums.forbes.com/forbes/board/message?board.id=entreforummessage.id=399)3.2 Debt FinancingAccording to (answers.com/debt+financing?cat=biz-fin) debt financing is a strategy that involves borrowing money from a lender or investor which the full amount will be repaid in the future usually with interest within a certain period. It asserted that it does not include any provision for ownership of the company. Debt financing has a prior claim on the company irrespective of the profits earned despite the company goes into liquidation (Joseph 2008).3.2.1 Pros and Cons of Debt Financing3.2.2 Pros of Debt FinancingMaintain ownership: The debt holder cannot interfere in the management of the company and they do not have the voting rights. Therefore, business can be run without outside interferenceTax deductions: Principal and interest payments on a business loan are classified as business expenses and thus tax deductible. It also lowers the actual cost of the loan to the company.Lower interest rate: There is a lower interest rate of debt financing when interest rate is lower than tax rate (where the business can take a loan and have a deduction on tax rather than high interest rate).(Source of Reference: http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm)No Complex Procedures Required: Debt financing is easier to obtain than equity financing. Raising debt capital is less complicated because the company is not required to comply with state and federal securities laws and regulations.No Profits Sharing: Profits of company are not shared with the lenders who require capital appreciation and dividends on their investments.Forecasting: Interest and principal payments are typically a know amount that can be forecast.(Source of Reference: job-employment-guide.com/business-financing.html)No Extra Rewards: Debt holders are entitled only to repayment of the agreed-upon principal of the loan plus interest and have no direct claim on future profits of the business if the company has made extra profits.Saving Management Time: Company does not have to send periodic mailings to large numbers of investors, hold periodic meetings with shareholders and seek the vote of shareholders before taking certain actions.(Source of Reference: http://smallbusiness.findlaw.com/banking_financing/be1_5debtvsequity.html) David H. Schwartz3.2.3 Cons of Debt FinancingRepayment: Sole obligation to the lender is to make payments on time. If the business fails, the company still has to make payments. If business goes into bankruptcy, lenders will have claim to repayment before any equity investors.Impacts Credit Rating: It seems to be attractive to keep bringing on debt when company needs money, a practice known as levering up, but each loan will be noted on your credit rating. The more borrowings, the higher the risk to the lender and the higher interest rate the company will have to pay.Cash and Col lateral: The company is usually required to pledge assets of the company to the lender as collateral, and owners of the company are in some cases required to personally guarantee repayment of the loan.(Source of Reference:http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm)Difficulty in Business Growth: Interest is a fixed cost which raises the companys break-even point. High interest costs during difficult financial periods can increase the risk of insolvency. Companies that have large amounts of debt as compared to equity often find it difficult to grow because of the high cost of servicing the debt.Restrictions on Activities: Debt instruments often contain restrictions on the companys activities, preventing management from pursuing alternative financing options and non-core business opportunities which results in losing of other investment opportunities.(Source of Reference:http://smallbusiness.findlaw.com/banking_financing/be1_5debtvsequity.html)3.3 Consideration Fac tors for Sources of FinanceEquity financing and debt financing is the option for a company that needs financing. Each company is unique and they have their own financing requirements and therefore, it is inappropriate to determine any one of the financing methods is the best option for companies. There are certain factors that a company needs to consider before choosing the right financing method:The size of the company: Larger companies may obtain financing by equity financing due to the needs of wider pool of finance for company growth (Joseph 2008). However for smaller companies, debt financing is much easier to obtain because its not easy to reach the status of public limited company and the issuance cost of equity finance is unaffordable by smaller companies (Joseph 2008).The ability to generate cash flow: This relies upon the operations of the company (Joseph 2008). If the company is able to generate enough cash flow, the company may seek debt financing because debt financing requires cash make frequent repayment of interest and principal (Joseph 2008).Any Restrictive Covenants: If the company is restricted by the lender from subsequent borrowings, equity financing is more appropriate due to the bindings against the company.The Cost of Financing: The cost of financing for debt financing is cheaper than equity financing due to the debt financer is exposed to lesser risk and he is entitled for prior claim in the companys profits and interest payable are tax deductible (which means actual cost of debt is lesser) (Joseph 2008).The Duration of Borrowing: The longer the duration, the interest rate charged on the borrower will be higher (Joseph 2008).The Current Gearing Level: If a company has a high gearing level, it is the best to go for equity financing whilst if a company has a low gearing level, they can go for debt financing (Joseph 2008).4.0 ConclusionNot every dividend policy suits a company. When deciding on how much dividend should be distributed to t heir investors, factors such as legal constraints, contractual constraints and etcetera have to considered to obtain the most suitable and appropriate dividend policy for better financing.Factors that affect dividend policy can be incorporated in several dividend theories such as residual dividends theory, clientele theory, signalling dividend theory, bird-in-the-hand theory and Modigliani Miller dividend theory. These theories can be classified into dividend relevance theory where its dividend policy will affect on companys value and cost of capital and dividend irrelevance theory where its dividend will not affect on companys value and cost of capital.Overseas manufacturing gains advantages such as cost savings and economies of scale. Inversely, it also has other effects such as no expertise available and also time consuming for starting a new factory.Companys capital structure can be financed through debt financing and equity financing. These are the strategies that a company ca n get its fund. However, these two strategies have their own advantages and disadvantages. When implementing any of those strategies, factors such as size of the company, ability to generate cash flow, current gearing level and other factors have to be considered in order to have the most suitable strategy to finance the organization.

Legal Method - Case Summary Essay Example | Topics and Well Written Essays - 2000 words

Legal Method - Case Summary - Essay Example The Court of Appeal also found that negligence could be inferred. The defendant then appealed to the HKC. The legal issue at the heart of this case was the extent to which the doctrine of res ipsa loquitur can be successfully claimed in relation to the facts of the case and the trial judge’s ruling. Pursuant to the doctrine of res ipsa loquitur, the defendant would be liable if upon the evidence presented, it was found that the injury complained of, was such that it would not have occurred but for the defendant’s negligence and injury itself was within the parameters of the defendant’s duty of care relative to the plaintiff. The doctrine of res ipsa loquitur is especially relevant in medical cases alleging negligence where the plaintiff is not conscious and the medical professional administers care that is presumably within his/her knowledge and outside of the plaintiff’s knowledge. The res ipsa loquitur operates to establish causation and was therefore the legal issue at the center of the case. The plaintiff had surgery for prostate cancer on the lower part of his body and immediately after discovered that he had sustained a serious nerve injury to his left arm, an injury that he did not have prior to going into surgery. The injury was diagnoses as left radial nerve palsy. Since the injury was not associated with, nor in the vicinity of the surgery, the presumption was that the injury occurred during the anesthetist’s care. Moreover, the trial judge found that the injury was sustained while the plaintiff was under the effects of the anesthesia. It therefore followed that the injury occurred in circumstances where the patient/plaintiff was under the care of the anesthetist, albeit while in surgery. The factual issue in dispute was whether or not the injury occurred as a result of compression to the injury area and whether or not that

Do we need to believe in a God or does God need us to exist Essay

Do we need to believe in a God or does God need us to exist - Essay Example What is the origin of life and mankind Not only are a lot of these questions being answered by scientists, but even miracles and other such occurrences attributed to divine intervention are being explained away by physics. "From its origin with Galileo, Copernicus and Newton, through Darwin and Einstein, to the age of computers and high-technology, modern science has cast a cold and somewhat threatening light on many deep-rooted religious beliefs. () scientists have demolished a lot of cherished religious beliefs and have come to be regarded by many as faith-wreckers." (Davies, 5). And yet intelligent, articulate people the world over believe in the one true God, a super power or a cosmic force that guides our existence. So, why do people want to believe this curiously elusive and unsubstantiated God It could simply be to give some kind of meaning to, or put into some kind of order, the chaos that surrounds us. After all, the existence of a God fulfils the need to credit someone with the creation of the world around us, with its sheer inexplicability and its irrational apportioning of happiness and sorrow. Digging deeper, the yearning that overtakes a human being for an exploration of the spiritual dimension of life stems from a desire for oneness of mind and body, and ultimately, an aspiration towards perfection. "Human beings, knowing they are not perfect, desire perfection and search for a better life" says T'ai Chi Master Waysun Liao (5). He points out that in spite of the tremendous advances made by us in the fields of technology the motivation that drives a human being remains mysterious. Whizzing along as we are in the space age, yet even our theories of evolution are in doubt. We still look up at the immense sky and wonder how it all started. So, how much have we actually progressed over the centuries As far as necessities go, we still need the same basic food, shelter, clothing, and though we might be eons ahead of the caveman, how much have we actually evolved spiritually It is in pursuance of this desire to evolve spiritually that God has been invented (or perhaps, He exists!). Artistic and creative people, those who march to a different beat from the rest of us, instinctively pursue this 'ultimate' through their work, the nature of their work being such that needs no rationalization to anyone other than themselves. In the work of these outstanding painters and poets, musicians and mystics intellect takes the back seat. In their art one sees their real experiences distilled, and more, one catches a glimpse of something indefinable. Whether it is the element of wonder in Alice Walker's The Color Purple when she exclaims that it is God who is trying to please us, not us who are expected to live up to His rules, or the naked truth in Borges Afterglow, or even the fatalistic note in Yeats' poetry. Because, in spite of advances made in science and technology, we still gaze up at the Milky Way, and wonder at its magnitude and glory. We still respond to the beauty of a piece of music or a painting without rationalizing it. We even watch the flight of a jet, fascinated, forgetting that the aerodynamic principles underlying the technology are as old as the birds. Poets like Yeats, Octavio Paz, Luis Borges and Rilke move us because they bring us closer to the eternal. They are more obviously attracted to the

INTERNATIONAL BANKING - LAW AND PRACTICE Coursework

INTERNATIONAL BANKING - LAW AND PRACTICE - Coursework Example The underlying aspects of suretyship guarantees are that they are effective upon certain conditions, whereas demand guarantees are simply effective upon demand. The underlying reason as to why issuers need instruments to be suretyships is that in a deal of guarantee, the surety accepts a secondary liability to responds for the debtor, who rests primarily responsible. In a contract of indemnity the surety assumes a primary liability, either alone or jointly with the principal debtor. The cases mentioned above will be looked at as to what the courts decide in determining demand and suretyship guarantees, and all information has been extracted directly from the case reports. Demand Guarantees Demand guarantees are written agreements made by a guarantor to assure a beneficiary, subject to the conditions in the agreement. The guarantee is an agreement between the guarantor and the beneficiary. Thus, if an employer is specified a demand guarantee by a bank in respect of the responsibilitie s of a contractor, the contractor is not a party to the agreement. Therefore, the beneficiary is in a strong situation should there be a default. Demand guarantees are contracts and can be generated by either a simple contract or executed as a deed (Birchal & Ramus, 2012). Banks generally set demand guarantees. There are two basic types: on demand guarantees (often referred to as on demand bonds) and documentary demand guarantees. On demand guarantees essentially necessitate a guarantor to make payment to a beneficiary upon request to do so. In the case of documentary demand guarantees, payment will only be made on the securing, by the beneficiary, of the papers required by the terms of the guarantee. These, for example, may be documents proving a court judgment (Birchal & Ramus, 2012). Banks support demand guarantees since they do not need to get tangled in legal opinions and disputes following a default; their view is generally direct. However, their situation is not so reasonable for those necessary to provide demand guarantees. Take, for example, a contractor required to provide a 20% demand guarantee with regards of a $100,000 contract. The guarantee will be the amount of $20,000. The contractor’s bank supplying the guarantee will handle the price of the guarantee as contractors credit and will, therefore, reduce any credit amenities offered to the contractor by this amount. In addition, the bank will undoubtedly require security from the contractor to backup the credit. Both these activities will disturb a contractor’s cash flow and make it more challenging for him to execute contracts. Indeed, the functional competence of a construction firm can be decreased by the obligation to deliver demand guarantees. A contractor in this situation may also sense insecurity, especially where on demand guarantees are delivered. The contractor has insignificant entitlements to avoid a bank paying against an on demand guarantee. Banks will pay on demand a nd leave the contractor to settle any dispute directly with the beneficiary (Birchal & Ramus, 2012). Suretyship Guarantee Companies frequently require working capital to function and grow. The owners of small businesses regularly need to cater a guarantee of suretyshi

Evaluation and the use of concept mapping

Evaluation and the use of concept mapping A concept is a thought, notion, or an abstract idea developed from a situation or particular instance experienced by the learner. Concept mapping consists of diagrams that represent an organized visualization of a concept and its associations or explanations (Novak Gowin, 1984). The use of concept mapping as an educational tool is well established through many branches of learning, including nursing (Schanze Grà ¼b-Niehaus, 2008; MacNeil, 2007; Trochim, 2009). Knowledge derived from the nursing process flows remarkably well into the overall design of a concept map. Although similar to other types of knowledge mapping, concept mapping provides a unique structure to gather major concepts together with direct linkages that can be easily visualized and readily examined. Properly prepared concept mapping will allow the learner to venture into all the learning domains, including cognitive, affective, and psychomotor; as well as allow the educator to move from a teacher-centered learning environment to one that is learner-centered. Concept mapping is designed to promote meaningful learning by the student, and allow for an effective formative or summative evaluation method by the educator. As the map is designed, the learner can incorporate new knowledge and reject inaccurate concepts and ideas. The map can also refine knowledge with examples or events, and allow for learning rather than route memorization. For the educator, the concept map can demonstrate the depth of the learners knowledge, and visually depict what the educator must emphasize to complete the learning process. The educator can also rapidly develop further learning opportunities through critical thinking exercises employing proposed changes to existing concept maps. Concept Mapping Theory Concept mapping was developed in 1972 as part of an effort at Cornell University to study the ability of young children to obtain basic scientific concepts. The design was the result of research into the cognitive psychology of learning and the constructivist epistemology. Based on Ausubels theory of learning, concept mapping attempts to emphasize the difference between rote learning and meaningful learning (Novak Caà ±as, 2006). Rote learning occurs when new information is added to the learners prior knowledge framework in a random and verbatim fashion. Thus, there is little permanent structure and the new information is rapidly forgotten. In meaningful learning, the new information is linked to the learners prior knowledge framework in a conscious and purposeful manner, thus producing a stable structure and substantial change in the way the learner experiences learning, in other words a conceptual change (National Institute for Science Educations College Level One Team, Universit y of Wisconsin, n.d.). This relationship is shown in Figure 1. Further studies and collaboration on concept mapping use and design, including work at the Institute for Human and Machine Cognition (IHMC) in Florida, led to integration of concept mapping with software tools and enabled rapid application of the concept mapping framework to numerous disciplines. Concept Mapping Design In concept mapping, graphical representations are arranged in two predominant manners. First, in the hierarchical fashion, the main topic or question is displayed at the top of the diagram, with inclusive and general concepts near the top and specific, less general concepts arranged in a progressively downward pattern (see Figure 2). The other most common concept map design is in a circular fashion, known as the spider method, with the core topic or idea in the center immediately surrounded by inclusive and general concepts, becoming less specific and more general the further from the core (see Figure 3). Other less common concept mapping methods include the flow path method, where concepts are linked together in a progressively linear fashion to represent a final concept, and the systems method, where input and output concepts are related to the central concept in a production-line style of visualization. Still other methods of concept mapping may be developed to reflect the learners or the educators vision of representation. Typically, concepts are enclosed in boxes, circles, or other geometric shapes with the relationships identified by connecting lines. There are descriptors on the connecting lines that specify the nature of the relationships. Concepts may also be cross-linked to show relationships between domains of knowledge or concepts located in different areas of the map (Caà ±as, 2003). Examples, events, or possible solutions can also be included, although these may not be boxed or circled, and the connecting lines can be dashed or dotted to represent an unsubstantiated relationship. Concept Mapping Construction Many methods can be used to construct a concept map. In general, the process will begin as follows: identify a question related to a process or problem; identify the key concepts of the process or problem; rank these concepts in order by identifying the most descriptive and broadest concept then narrowing the descriptions until the most specific concept is listed last; connect the concepts by links, using notations to represent the relationship between the concepts and enable meaning to the linkage; provide examples, including social, personal, and professional examples to clarify the concept or the relationship between concepts; and then continue to link, add examples, and promote the relationships. Some constructors may find it useful to perform this design using post-it notes or index cards, and arranging their ideas on a table or white board to allow for ease of concept ranking, as well the ability to provide easy changes of relationships and rapid visualization of data. The novi ce and expert alike may also use various shapes and colors to designate concepts and subconcepts to make the map clearer. Concept Mapping Software Although concept mapping may be performed with pen, paper, and other non-electronic methods, there are a number of software programs that can be used to provide a variety of concept maps with ranges of detail. In addition to using traditional word-processing programs such as Microsoft Word, Microsoft PowerPoint, or Corel WordPerfect or Corel Draw to construct concept maps, specific concept mapping software has been developed. The IHMC, a coalition of Florida universities, has developed Cmap Tools, a robust concept map developer that is free for use (IHMC, 2009). This software also includes a search feature that allows the user to search a wide variety of public Cmap databases for sample concept maps. Other software programs that are specific to concept map construction includes Axon Idea Processor, 3D Topicscape, Inspiration, MindGenious, MindMapper, MindView, Semantica, SmartDraw, Spinscape, and Tinderbox. Several of these software packages are available in multiple programming formats, in addition to several languages, and are free for download. Concept Mapping Example As an example to demonstrate concept-mapping construction, a learner is assigned to research the disease process sepsis, and make a presentation to the class. The learner studies several peer reviewed journal articles (DellaCroce, 2009; Nelson, LeMaster, Plast, Zahner, 2009; Steen, 2009) to obtain the latest information on the disease process, and decides to develop a concept map to explain the pathophysiology, risk factors, diagnostic tests, and treatments for sepsis. The learner develops a table to highlight the ideas that will be outlined on the concept map (see Table 1). Finally, using the CmapTools Knowledge Modeling Kit, Version 5.03, the learner prepares the concept map (see Figure 4). Preparation for Developing a Concept Map Steps Responses 1. Identify a question related to a process or problem What is sepsis? How is it diagnosed? What are the signs and symptoms? How is it treated? 2. Identify the key concepts of the process or problem Invading Microorganism, Sepsis, Inflammatory Response, Organ Failure, Systemic Inflammatory Response, Septic Shock, Treatments, Risk Factors, Infection, Death 3. Rank these concepts in order by identifying the most descriptive and broadest concept, then narrowing the descriptions until the most specific concept is listed last Rank 1) Invading Microorganism 2) Infection 3) Inflammatory Response 4) Systemic Inflammatory Response 5) Sepsis 6) Septic Shock, Severe Sepsis 7) Organ Failure 8) Treatment, Risk Factors, Diagnostic Tests 9) Death 4. Connect the concepts by links, using notations to represent the relationship between the concepts and enable meaning to the linkage Links are Pathophysiology, Leads To, Plus, Can Lead To, Organ Failure 5. Provide examples, including social, personal, and professional examples to clarify the concept or the relationship between concepts Vital Signs, Signs of Organ Failure, Criteria for Determining Sepsis Table 1: Preparation for Developing a Concept Map Concept Mapping Advantages Concept maps provide several advantages over other methods of instruction and evaluation. Concept maps can provide the learners access to a â€Å"big picture† view of the topic of interest, allowing the student to advance to conceptual understanding rather than simple memorization or rote learning. This in turn can provide the student the bases for critical thinking. Concept maps are also easy to construct. Concept maps can also be used as both an instructional strategy for the educator or a learning activity for the learner. As a learning activity, the student can acquire the desired knowledge, performance, and behaviors specified by the curriculum (Caputi Blach, 2008). In situations such as developing continuing education opportunities for existing nursing staff, the use of concept mapping can aid in learning new content through visualization, as many staff prefer visual or kinesthetic learning (Nursing Times, 2009). In cases where students need a platform to reduce anxiety generated prior to testing due to a lack of surety on whether the critical aspects of a clinical lesson were studied, the use of concepts maps can help students organize data, determine complex relationships between patient data and disease processes, and provide the student with an overall picture of the care provided to their patient (Hsu, 2004). Concept Mapping Disadvantages Although concept mapping has many advantages, some disadvantages exist. The wide variety of possible concept map designs can lead to additional evaluation time by the educator as students use different construction techniques. Grading of the differing concept maps may also lead to difficulties unless the educator uses strict grading criteria, such as a detailed assignment rubric. The use of concept mapping may also require a paradigm shift by learners used to only the memorization method of learning. This can sometimes cause difficulty as the learner transitions to the new method of learning. Concept Mapping Use in Learning Domains The cognitive domain includes knowledge and skill development. As cognitive learning occurs, the learner is able to recall facts, patterns, and concepts that will result in the development of intellect. Concept mapping is primarily based on the cognitive domain, as the learner combines concepts into a framework that can develop critical conceptions and critical thinking. The affective domain includes learning that is based on our interaction with our environment through feelings, values, motivations, and attitudes. Concept mapping draws into the affective domain through the construction of the framework, and the use of the environment to provide definition to the concept, and the use of values, attitudes, and feelings to link the concepts together to promote understanding. The psychomotor domain includes learning in the physical domain, such as movement, coordination, and development of motor skills. Psychomotor learning is measured through speed, precision, and techniques in execution. Concept mapping lends well to learning in the psychomotor domain, as the learner physically constructs the concept map using a variety of tools and software. Concept Mapping in Nursing Education Concept mapping is used at several levels in nursing education. By using concept mapping as a learning process in nursing undergraduate education, the educator can develop and refine critical thinking skills in the learner through generating ideas, promoting nonlinear relationships between patient data and complex disease processes, and forcing the learner to visualize the application of nursing theory to nursing practice (Abel Freeze, 2006; Phelps, Wallen, Cusack, Castro, Muehlbauer, et al., 2009). One of the most common uses of concept mapping in nursing is the use of concept mapping to demonstrate the nursing process in care planning. Each component of the nursing process (assessment, diagnosis, planning, intervention, and evaluation) can be presented around a disease process; or patient problems can be identified and relationships established between the problems to develop a holistic perspective of patient care (Taylor Wros, 2007). See Figure 5. Concept mapping can also be used effectively in formative, as well as summative assessment. In the formative assessment, the educator can provide a baseline concept map with the major concept listed and several basic relationships identified prior to lecture. The student can use the concept map during the lecture to identify further concepts and relationships, and build upon the baseline concept map to develop their knowledge base. Once the lecture is completed, the educator can use the learners maps to evaluate the effectiveness of their lecture, as well as the effectiveness of the learners attention, by examining the completed concept maps and comparing these maps to the lectures objectives (MacNeil, 2007). The baseline concept map can also be developed by the learner prior to class, such as in a homework assignment, and then completed during lecture as well. Figure 5: Sample care plan concept map (Ackley Ladwig, 2006). In a summative assessment, the educator can require a summative concept map at the end of the course to evaluate overall course objectives, as well as provide the learner with a valuable tool for future reference. Concept Mapping Function in a Learner Centered Environment Concept mapping has been used in both undergraduate and graduate nursing as an analytical tool to organize existing knowledge, synthesize new knowledge, and prioritize information in a logical, visual sequence. Concept mapping develops nonlinear cognitive function that can promote critical thinking and clinical decision making in nurses (Wilgis McConnell, 2008). This makes concept mapping an ideal strategy to switch the classroom from a teacher-centered to a learner-centered environment the learner can develop, adapt, and draw their learning directly from the concept map. Concept maps can be used by learners individually, or in small groups, to simplify complex processes and engage students in the learning process (Harrelson, 2006). As study guides, the concept maps can replace traditional question and answer study handouts with a visual map that can promote meaningful learning opposed to rote memorization (Caputi Blach, 2008). Summary Concept maps represent a collaborative learning strategy developed to take advantage of the difference between rote learning and meaningful learning. Concept maps can be used in all aspects of both undergraduate and graduate nursing, and can be used to facilitate education in all learning domains. As learners begin to analyze clinical data, the learner can begin to develop their critical thinking skills and begin to plan comprehensive care for their patients. As learners begin to study disease processes, the learners can appreciate the effects of interventions directly on patient outcomes. Educators can use concept mapping as a teaching, as well as evaluation strategy. References Abel, W., Freeze, M. (2006, September). Evaluation of concept mapping in an associate degree nursing program. Journal of Nursing Education, 45(9), 356-364. Retrieved August 30, 2009, from CINAHL with Full Text database. Ackley, B. J. Ladwig, G.B. (2006). Nursing Diagnosis Handbook, (7th ed.). Missouri: Mosby Elsevier. All, A., Huycke, L. (2007, May). Serial concept maps: tools for concept analysis. Journal of Nursing Education, 46(5), 217-224. Retrieved August 30, 2009, from CINAHL with Full Text database. All, A., Huycke, L., Fisher, M. (2003, November). Instructional tools for nursing education: concept maps. Nursing Education Perspectives, 24(6), 311-317. Retrieved August 30, 2009, from CINAHL with Full Text database. Caà ±as, A. J. (2003). A summary of literature pertaining to the use of concept mapping techniques and technologies for education and performance support. The Institute for Human and Machine Cognition. Retrieved September 19, 2009 from www.ihmc.us. Caputi, L. Blach, D. (2008). Teaching nursing using concept maps: A how to book. Glen Ellyn, Illinois: College of DuPage Press. Chiou, C. (2008, November). The effect of concept mapping on students learning achievements and interests. Innovations in Education Teaching International, 45(4), 375-387. Retrieved September 19, 2009, doi:10.1080/14703290802377240 Clayton, L. (2006, July). An effective, active teaching-learning method. Nursing Education Perspectives, 27(4), 197-203. Retrieved August 30, 2009, from CINAHL with Full Text database. Conceià §Ãƒ £o, S., Taylor, L. (2007, September). Using a constructivist approach with online concept maps: relationship between theory and nursing education. Nursing Education Perspectives, 28(5), 268-275. Retrieved August 30, 2009, from CINAHL with Full Text database. DellaCroce, H. (2009). Surviving sepsis: the role of the nurse. RN, 72(7), 16-21. Retrieved October 14, 2009 from http://search.ebscohost.com Farrand, P., Hussain, F., Hennessy, E. (2002, May). The efficacy of the `mind map study technique. Medical Education, 36(5), 426-431. Retrieved September 11, 2009, from CINAHL with Full Text database. Harpaz, I., Balik, C., Ehrenfeld, M. (2004, April). Concept mapping: an educational strategy for advancing nursing education. Nursing Forum, 39(2), 27. Retrieved August 30, 2009, from CINAHL with Full Text database. Harrelson, G. (2006). At education. Concept mapping. Athletic Therapy Today, 11(1), 25-27. Retrieved August 30, 2009, from CINAHL with Full Text database. Heinrich, K. (2001, April). Mind-mapping: a successful technique for organizing a literature review. Nurse Author Editor (10542353), 11(2), 4. Retrieved September 11, 2009, from CINAHL with Full Text database. Hicks-Moore, S., Pastirik, P. (2006). Evaluating critical thinking in clinical concept maps: a pilot study. International Journal of Nursing Education Scholarship, 3(1). Retrieved August 30, 2009, from CINAHL with Full Text database. Hsu, L. (2004, December). Developing concept maps from problem-based learning scenario discussions. Journal of Advanced Nursing, 48(5), 510-518. Retrieved September 18, 2009, from CINAHL with Full Text database. IHMC. (2009). Download IHMC Cmap tools. Retrieved October 14, 2009 from cmap.ihmc.us/download. Irvine, L. (1995, June). Can concept mapping be used to promote meaningful learning in nurse education?. Journal of Advanced Nursing, 21(6), 1175-1179. Retrieved August 30, 2009, from CINAHL with Full Text database Jenkins, A. (2005, October 26). Mind mapping. Nursing Standard, 20(7), 85-85. Retrieved September 11, 2009, from CINAHL with Full Text database. Kinchin, I., Hay, D. (2005, July 15). Using concept maps to optimize the composition of collaborative student groups: a pilot study. Journal of Advanced Nursing, 51(2), 182-187. Retrieved August 30, 2009, from CINAHL with Full Text database. Kostovich, C., Poradzisz, M., Wood, K., OBrien, K. (2007, May). Learning style preference and student aptitude for concept maps. Journal of Nursing Education, 46(5), 225-231. Retrieved August 30, 2009, from CINAHL with Full Text database. Larue, C. (2008). Group learning strategies for nursing students: reflections on the tutor role. International Journal of Nursing Education Scholarship, 5(1), 1-17. Retrieved August 30, 2009, from CINAHL with Full Text database. Lim, K., Lee, H., Grabowski, B. (2009, July). Does concept-mapping strategy work for everyone? The levels of generativity and learners self-regulated learning skills. British Journal of Educational Technology, 40(4), 606-618. Retrieved September 19, 2009, doi:10.1111/j.1467-8535.2008.00872.x MacNeil, M. (2007, May). Educational innovations. Concept mapping as a means of course evaluation. Journal of Nursing Education, 46(5), 232-234. Retrieved August 30, 2009, from CINAHL with Full Text database. Mueller, A., Johnston, M., Bligh, D. (2002, 2002 Jan-Mar). Viewpoint. Joining mind mapping and care planning to enhance student critical thinking and achieve holistic nursing care. Nursing Diagnosis, 13(1), 24-27. Retrieved September 11, 2009, from CINAHL with Full Text database. National Institute for Science Educations College Level One Team, University of Wisconsin. (n.d.) Classroom assessment techniques: Concept Mapping. Retrieved October 10, 2009 from http://www.flaguide.org/cat/conmap/conmap5.php. Nelson, D., LeMaster, T., Plost, G., Zahner, M. (2009). Recognizing sepsis in the adult patient. American Journal of Nursing, 109(3), 40-46. Retrieved October 14, 2009 from http://search.ebscohost.com Novak, J. D. Gowin, D. B. (1984). Learning how to learn. New York: Cambridge University Press. Novak, J. (2002, July). Meaningful Learning: The Essential Factor for Conceptual Change in Limited or Inappropriate Propositional Hierarchies Leading to Empowerment of Learners. Science Education, 86(4), 548. Retrieved September 19, 2009, from Education Research Complete database. Novak, J.D. Caà ±as, A. J. (2006). The origins of the concept mapping tool and the continuing evolution of the tool. The Institute for Human and Machine Cognition. Retrieved September 19, 2009 from www.ihmc.us. Nursing Times. (2009). Nurses learning styles: promoting better integration of theory into practice. Nursing Times, 105(2), 24-27. Retrieved October 14, 2009 from http://search.ebscohost.com Phelps, S., Wallen, G., Cusack, G., Castro, K., Muehlbauer, P., Shelburne, N., et al. (2009). Staff development story: concept mapping: a staff development strategy for enhancing oncology critical thinking. Journal for Nurses in Staff Development, 25(1), 42-47. Retrieved October 23, 2009 from http://oboler.isu.edu:3227. Schanze, S. Grà ¼b-Niehaus, T. (2008). Concept mapping: Connecting educators. Proceedings of the Third International Conference on Concept Mapping. Retrieved September 19, 2009 from cmc.ihmc.us/cmc2008papers/cmc2008-p303.pdf. St. Cyr, S., All, A. (2009, March). Concept mapping: a road to critical thinking. Journal for Nurses in Staff Development, 25(2), 70-76. Retrieved September 18, 2009, from CINAHL with Full Text database. Steen, C. (2009). Developments in the management of patients with sepsis. Nursing Standard, 23(48), 48-56. Retrieved October 14, 2009 from http://search.ebscohost.com Taylor, J., Wros, P. (2007, May). Concept mapping: a nursing model for care planning. Journal of Nursing Education, 46(5), 211-216. Retrieved August 30, 2009, from CINAHL with Full Text database. Trochim, W.M.K. (2009). Concept mapping: soft science or hard art?. Retrieved September 19, 2009 from http://www.socialresearchmethods.net/research/epp2/epp2.htm. Vacek, J. (2009). 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Code Of Professional Ethics By American Institute Of Certified Public E

Code of Professional Ethics by American Institute of Certified Public Accountants Introduction "A code of professional ethics is a voluntary assumption of self discipline above and beyond the requirements of the law. The Code of Ethical Conduct serves the highly practical purpose to notify the public that the profession will protect the public interest" (Carey, Doherty: p 3). When people need a doctor, a lawyer or a certified public accountant, they seek someone whom they can trust to do a good job, not for himself but for them. People assume that the hired professional is qualified since they cannot appraise him. They must take it on faith that he is competent. That is why professionals are distinguished from businesses and why there is a need for ethical regulations. The Code of Professional Ethics The Code of Professional Ethics for public accountants was developed by the American Institute of Public Accountant and includes four different categories. The first, Concepts of Professional Ethics, establishes major requirements for CPAs in different areas of their day-to-day professional activities. The main parts of the Code are: Independence, Integrity and Objectivity in the practice of public accounting, Competence and technical standards, Responsibilities to clients, Responsibilities to colleagues and Other responsibilities and Practices. Independence has always been the fundamental concept to the accounting profession. In fact it is the most essential to the practice of all professions. The financial reports produced by CPAs would be of little value to the public unless CPAs maintain their independence. Independence has always been associated with integrity and objectivity. Since faults on financial statements may be the result of either a honest mistake or a lack of integrity it is imperative to associate the notion of independence with the objectivity and integrity. As part of the requirements by the Code of ethics, CPA should avoid any relationships that may result in the CPA's becoming dependent on the particular client. Such relationships include financial interests and client management. It is very important that the opinion of the CPA reflects the results of operating decisions taken by the client and not any underlying ideas which may be the case if a CPA takes part in the decision making process of the company. Another important ... ... of particular cases given under Ethics Rulings. In addition to the standards described above, state CPA institutions and other government establish their own ethical standards. Conclusion Professional ethics is concerned with human behaviour and human relations. As human society becomes more complicated, so do the codes of professional conduct. The purpose of the rules is to attract and increase public confidence and discourage behaviour inconsistent with the image of profession. Public confidence may even be more important to the public accountant than to any other professional because CPAs are concerned not only about their clients but also about those who rely on their reports. The code of ethical conduct provides members of the profession with the rules that were worked out on the historical basis to attract the confidence of the public. Therefore, the rules of ethics are the foundation of public confidence. Works Cited John L. Carey and William O. Doherty. Ethical Standards of the Accounting Profession. New York: American Institute of Certified Public Accountants, 1966 American Institute of Certified Public Accountants. Code of Professional Ethics. New York: AICPA, 1977

Cyber Security Research Paper Essay

1. Preface This security profile of the Department of Veterans Affairs (VA) is based on two documents of public record. The first is the published VA Handbook 6500 (VAH 6500) which defined policy and procedures for systems within the purview of the VA (Department of Veterans Affairs, 2007). The second document is the Federal Information Security Management Act Assessment for FY 20011 commissioned by the VA Office of Inspector General (OIG) and performed by Ernst & Young in accordance with Federal Information Security Management Act (FISMA) guidelines (VA Office of Inspector General, 2012, p. i). 2. Identification of Controls This security profile presents one control function from three primary policy and procedure controls. These controls are â€Å"System/New Technology Development Life Cycle† from Management Controls, â€Å"Security Training, Education, and Awareness† from Operational Controls, and â€Å"Remote Access† from Technical Controls. These controls are selected based on the lack of resolution based on information provided fiscal year 2006, 2010 (VA Office of Inspector General, 2011) and 2011 (VA Office of Inspector General, 2012) FISMA audits. 3. Management Controls The protection of systems via risk mitigation techniques are referred to as management controls. Management controls are designed to minimize risk associated with development process and systems implementation. 4.1. VAH6500 Section 6.a.(7) System/New Technology Development Life Cycle VAH6500 requires that any new technology undergo a systems development life cycle (SDLC) specific to the VA. The cycle consists of Initiation, Development / Acquisition, Implementation, Operation / Maintenance and Disposal. Systems must be able to encrypt/decrypt data. Systems not capable of this must receive a waiver from the OIG. 4.2. Implementation Assessment The SDLC program provided does not provide the necessary information for an effective program. No supporting material or references to NIST SP 800-64 Rev2 Security Considerations in the System Development Life Cycle or VAH 6500.5 Incorporating Security and Privacy into the System Development Life Cycle is made. 4.3. Implementation Impact The OIG 2011 FISAM Assessment indicates that â€Å"FISMA Section 3544 requires establishing policies and procedures to ensure information security is addressed throughout the life cycle of each agency information system† (VA Office of Inspector General, 2012, p. 9). Based on the lack of consistency in use of SDLC and change control, major security risks may go unnoticed. 4. Operational Controls Operational controls focus on techniques and procedures put in place by Information Technology staff or systems managers. The purpose is to increase security and provide deterrence via system controls. 5.4. VAH6500 Section 6.b.(11) Security Training, Education, and Awareness VAH6500 provides a concise policy which states any individuals that access sensitive information or systems must complete annual security training. Key persons with â€Å"significant† roles must attend additional training. All training is monitored for completeness. Policy indicates before employees can use systems security training must be completed. 5.5. Implementation Assessment Policy indicates that fourteen key pieces of information must be covered before an individual is allowed to begin work. This training must also be refreshed annually. The tracking of this information is the responsibility of the local ISO (Department of Veterans Affairs, 2007, p. 57). 5.6. Implementation Impact The distributed manner of training management is not conducive to consistent security training. The OIG 2011 FISAM Assessment findings indicate a centrally managed training database be used to ensure personnel receive the proper training needed for their job function (VA Office of Inspector General, 2012, p. 15). 5. Technical Controls The technical control area focuses on minimizing and/or preventing access to a system(s) by unauthorized individuals via technical measures. The measures are designed to ensure the confidentiality, integrity and availability of a system(s) (VA Office of Inspector General, 2012, p. 54). 6.7. VAH6500 Section 6.c.(3) Remote Access Control VAH6500 relies on nineteen policy requirements to enforce technical control. VA policy states that no sensitive information may be transmitted via internet or intranet without proper security mechanisms that meet NIST FIPS 140-2 criteria (Department of Veterans Affairs, 2007, p. 61). Each department within the Agency is responsible for monitoring remote access and privilege functions. Access can be revoked by a supervisor or superior at any time. The remaining requirements cover contractor access, PKI certificate distribution and termination of accounts. System protection is the responsibility of the ISO for each area of access. 6.8. Implementation Assessment VAH6500 does not utilize NIST SP 800-46 Guide to Enterprise Telework and Remote Access Security. The OIG 2011 FISAM Assessment also indicates some remote access systems do not provide Network Access Control (NAC) to block systems that do not meet predefined security requirements (VA Office of Inspector General, 2012, p. 6). 6.9. Implementation Impact The diversity of ISO management practices coupled with a lack of specific procedures for management, auditing and access creates opportunity for security breaches. 6. Summary The three controls outlined in this document show the disparity between written policy, procedure, and implementation. In order for the VA to be successful in meeting the standards of future FISMA assessments, a fundamental change in operations within the VA is required. 7. Comments The multifaceted nature of operations within the VA requires guidelines that meet the needs of multiple departments within the Agency. All three controls discussed in this document have very broad definitions to accommodate the extensive variety of services the VA provides. This flexibility coupled with a drop in training acceptance, legacy systems (VA Office of Inspector General, 2012, p. 7) and the lack of an â€Å"implemented components of its agency-wide information security risk management program† (VA Office of Inspector General, 2012, p. 3) will continue to limit future progress. These delay factors provide an understanding of why twelve recommendations from prior FISAM assessments remain open. Of the twelve recommendations listed in the VA FISMA FY 2011 report, only three have been closed, while three other recommendations have been superseded by new recommendations (VA Office of Inspector General, 2012, p. 19). The recent announcement of the Continuous, Readiness in Information Security Program (CRISP) seems to indicate a fundamental shift in the way the VA views security issues (United States Department of Veterans Affairs). In order for this program to be successful, this message must be understood and acted upon by all persons under the VA umbrella. 8.References Department of Veterans Affairs. (2007). VA Handbook 6500. Washington, DC: US Government Printing Office. Retrieved February 20, 2013, from http://www.va.gov/vapubs/viewPublication.asp?Pub_ID=56 Department of Veterans Affairs. (2010). Strategic Plan FY 2010-2014. Washington, DC: US Government Printing Office. Retrieved February 20, 2013, from http://www.va.gov/op3/Docs/StrategicPlanning/VA_2010_2014_Strategic_Plan.pdf National Institute of Standards and Technology. (2010). Guide for Assessing the Security Controls in Federal Information System (NIST 800-53a). Washington, D.C.: US Government Printing Office. http://csrc.nist.gov/publications/nistpubs/800-53-Rev3/sp800-53-rev3-final_updated-errata_05-01-2010.pdf United States Department of Veterans Affairs. (n.d.). CRISP. Retrieved February 21, 2013, from United States Department of Veterans Affairs: http://www.saltlakecity.va.gov/features/CRISP.asp VA Office of Inspector General. (2011). Department of Veterans Affairs Federal Informati on Security Management Act Assessment for FY 2010 (10-01916-165). Washington, D.C.: US Government Publishing Office. Retrieved from http://www.va.gov/oig/52/reports/2011/VAOIG-10-01916-165.pdf VA Office of Inspector General. (2012). Department of Veterans Affairs Federal Information Security Management Act Assessment for FY 2011 (11-00320-138). Washington, D.C.: US Government Printing Office. Retrieved February 20, 2013,from http://www.va.gov/oig/pubs/VAOIG-11-00320-138.pdf

sex slavery in Thailand essays

sex slavery in Thailand essays The desire to be wealthy in the glittering growth of the Thai economy not only lures Many girls into prostitution, but also keeps them there. Although it has not been legal to sell children and women in Thailand since 1905, it is now common for impoverished families in the north to indenture their daughters into sex slavery in "closed" brothels, from which they are not allowed to leave. It is estimated that 20 per cent of prostitutes were deceived and forced into the profession. When parents failed to repay debts they were asked to sign a promissory note allowing one daughter to be taken to work in Bangkok. The nature of the work was generally specified as housework or factory work, but as soon as the daughter arrived in Bangkok she was forced to receive clients. Slavery, which has been defined as the permanent, violent domination of natally alienated and generally dishonored persons by Orlando Patterson, a Sociologist at Harvard University has aptly been able to openly recognize that such a tradition exists must be a positive albeit painful, first step. The young girl will thrive upon this degrading form of earning her livelihood, for the rest of her life. This profession robs an individual of her honor, self With the rise of capitalism and the popularity of the consumer products Industry The trend towards child prostitution is increasing and has spread to many rural Communities, many peasant families, particularly in the North of Thailand, the selling of daughters into prostitution has become a strategy for economic survival and access to consumer goods. Prostituion in the Asia Pacific is also increasing due to the rural- urban migration, high unemployment and underemployment among young people and the growth of the tourist Industry. Another major factor is the prevalence of the ideology ...

Hypermiling (Saving Lots of Fuel) in a Hybrid

Hypermiling (Saving Lots of Fuel) in a Hybrid Hypermiling is an endless pursuitthe quest for improved fuel economy, ratcheted up a couple of notches to near fanaticism. Those who practice it are called hypermilers, a dedicated group of guys and gals who routinely push the limits of maximum fuel efficiency. It got its name from the likes of Wayne Gerdes, one of the original devotees of hypermiling, and often proclaimed the inventor of the term. Hypermiling more or less got its start with hybrids, but its not limited to them. Here, well focus on hypermiling with a hybrid vehicle. Some of the techniques can only be done with a hybrid, or, at least they make it much easier and saferthough some hardcore hypermilers perform ALL of these techniques in regular cars. We dont recommend that, but really, a lot of it is just plain common sense that can be applied to just about any vehicle and/or driver. So what are these techniques and tools that are employed so passionately by their devotees? Read on for an explanation of these FE (thats hypermileresque for Fuel Economy) tricks. Pulse and Glide (PG) This is the heart of effective hypermiling for full hybrid vehicles. Though it takes some getting used to, and its really only appropriate for light suburban and town traffic, large FE gains can be had using it. Our first successful PG was in a Nissan Altima Hybrid. This car is equipped with Toyotas Hybrid Synergy Drive (Nissan licensed it from Toyota), but our car was lacking an energy flow monitor, so we had to rely on the EV mode display and the Kilowatt (kW) meter to execute the task properly. To initiate a PG, accelerate to about 40 MPH with the engine running (the pulse part), then ease off the pedal until the hybrid system goes into EV (electric vehicle) mode and the kW meter shows zero (or if equipped with the energy flow monitor, no arrows are showing energy flow). This is the glide part. The engine is off, the electric motor is disengaged and the vehicle is literally coasting for free. When the car slows to about twenty-five or thirty MPH (depending on traffic conditions, of course) repeat the pulse part, then the glide and so on. If properly applied, this trick uses the engine only to accelerate, and it never has the chance to idle along, wasting fuel while providing no return. Forced Auto Stop (FAS) Forced Auto Stop is similar to PG without the objective of re-accelerating. In a hybrid, it is usually a matter of lifting the accelerator below a speed of approximately 40 MPH and letting the engine shut-off. This allows the car to coast to a slower speed, or come to a complete stop without the engine running. However, many conditions can affect FAS (adequate battery state of charge, hybrid system temperature, engagement of AC compressor, cabin heat, etc.) and are not always so simple. Depending upon the hardware and software controls of the hybrid system, there are ways to fool the system into FAS. Unfortunately, they are many and varied, and beyond the scope of this article. Draft Assisted Forced Auto Stop (D-FAS) This technique involves riding in the wake of a large trailer truck at highway speeds (in FAS). Its not safe, DONT DO IT. We only mention it here because it is part of some hypermilers arsenal of tricks. Driving Without Brakes (DWB) More hypermilers tongue-in-cheek terminology. We like to think of this as driving with minimal brakes, but it must be done with a good dose of common senseits really not a good idea to take a 25 MPH curve at 50 trying to save gas. The main idea here is to not use the brakes to scrub off speed that has been achieved with energy (gasoline) spent. Anticipation is the keyword. Look far down the road to anticipate traffic stoppages, sharp curves, and signal changes and begin to decelerate or coast beforehand. The benefit is three-fold: Not only does DWB increase brake life, it reduces the number of times the vehicle must be started from a dead-stop (overcoming the inertia of a stationary vehicle consumes an enormous amount of energy), and, with a hybrid, the coasting action (regenerative braking) helps charge the battery. Ridge Riding This is the practice of driving very close to the outside edge of the road in order to keep the vehicles tires out of the slight depressions (ruts) worn into the road surface by the constant pounding of daily traffic. For most purposes, this technique is really only effective on wet roadways. Staying out of the ruts, which are filled with a thin layer of water, reduces drag on the tires and increases efficiency. An additional benefit is improved safety by preventing the tires from hydroplaning (riding on top of the water) and loss of vehicle control. Face out Potential Parking This is just plain common sense with a little bit of exercise, to boot. Search out open spaces in parking lots to eliminate the wasteful movement of backing out of a slot. Go one better by locating a spot that is on a bit of a slope, and then use gravity to help get the vehicle moving from a standstill. Sound silly? Multiply those effects over hundreds of park jobs in a year; it really does add up. Fuel Consumption Display (FCD) This is the gauge on the instrument panel of hybrids and many non-hybrids as well. Dedicated hypermilers call this the game gauge, and in many ways, thats just what it is. This device continuously calculates a vehicles average fuel consumption expressed in MPG (or, in metric mode, kilometers/liter) and displays it to the driver who can then make a fantastic game of making the average FE go ever upwards. Instant Fuel Consumption Display (IFCD) The instant fuel consumption display is very similar to the FCD, except that it displays fuel usage, just as the name impliesinstantlyas it is used. The display changes moment by moment in response to sundry dynamic physical conditions: throttle off, light acceleration, heavy load, hard acceleration, coasting and cruising. This gauge, more than any other on a vehicle, hammers home the relationship between fuel economy and driving habits. Keeping the instant fuel consumption display relatively constant and even, with a high reading, will probably net more consistent (and easily attainable) FE than any trick or gadget outlined in this entire article.

Assignment Example | Topics and Well Written Essays - 250 words - 92

Assignment Example Friedan wrote about the way American women who were housewives felt. They felt that they never defined themselves as to whom they were. The women felt that they had no career to identify themselves with; they needed to adjust their role as housewives. Cleaver argued that the White woman-Blackman sickness/problem needed to be brought to the open, dealt with and resolved (Cleaver 27). He concluded that, black men who had been brought up in America could experience the problem of not preferring their fellow black women, but instead prefer white women. He says that in the end, the black may feel as if he betrayed his race, and end up hating the white women. According to Friedan, the nameless problem was that of women housewives not defining whom they were, instead they engaged themselves in housewife business all the time. This problem made them seek medical intervention, only to find that the cure was adjusting their role as housewives (Friedan

Analysis of Video The Birth of Modern Dance Essay

Analysis of Video The Birth of Modern Dance - Essay Example The Birth of Modern Dance†, we come to understand that the choreography of modern dance drew inspiration from themes of everyday life because it was influenced by human activity on a day – to – day basis. In fact, I understood it to be a sort of reflection of society as a whole. However, Modern dance did not remain static during any given period but it evolved and changed shape as changes took place in society, but nevertheless, its roots remained steeped in rebellion or breaking away from anything traditional. â€Å"The Birth of Modern Dance† shed light on how the art of dancing broke its traditional shackles and emerged with a whole new meaning that reflected the Modern dance of today. New thoughts and ideas that evolve as society changes are seen reflected in the Modern dance of today. I also learned that Modern dance is a reflection and expression of oneself and all that they stand for in addition to drawing inspiration from other various dance forms. Modern dance comprises of the freedom of spirit and an exploration.